Two-Story Standalone Retail
For Sale
Contact for pricing
223 17th St, Virginia Beach, VA 23451
Standalone two-story retail building offers flexible open floor plans with updated interior renovations.
Property Size5,742 SF
Price / SF$261.23
Days on Market130
Property Features for 223 17th St
General Information
Standard status
Active
Size
5,742 SF
Property subtype
Retail
Zoning
OR (Oceanfront Resort)
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1936
Year Renovated
2024
Stories
2
Listing Agency:
Commonwealth Commercial Partners
Listed By:
Gresh Wall · License #VA
(804) 346-4966
Source:
Crexi
Added: Apr 29
Changed: Aug 27
Last Checked: Sep 2 at 10:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Commonwealth Commercial Partners
Investment Insights
Based on property information with market context.
223 17th Street is a standalone, two-story commercial building totaling 5,742± RSF. The property features an open, flexible floor plan with efficient 2,807 RSF floor plates, and it has benefited from recent interior renovations.
The building is located in the Virginia Beach Oceanfront District. Its standalone configuration can support a range of retail layouts that benefit from flexible, open space within each floor plate.
The offering includes a practical two-level arrangement designed to accommodate adaptable tenant requirements within the existing interior renovations and open floor plan.
The building is located in the Virginia Beach Oceanfront District. Its standalone configuration can support a range of retail layouts that benefit from flexible, open space within each floor plate.
The offering includes a practical two-level arrangement designed to accommodate adaptable tenant requirements within the existing interior renovations and open floor plan.
Key Highlights
- Standalone two‑story commercial building with 5,742± RSF total building area
- Open, flexible floor plan with efficient ±2,807 RSF floor plates
- Recent interior renovations
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$60,132
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,202,640
$1.2M
Cap Rate 7%
$859,029
$859.0K
Cap Rate 9%
$668,133
$668.1K
Market Conditions
NOI Build-Up for 5,742 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$89.6K $15.60/SF
− Vacancy
−$3.7K −$0.64/SF
EGI
$85.9K $14.96/SF
− OpEx
−$25.8K −$4.49/SF
NOI
$60.1K $10.47/SF
Area
Virginia Beach, VA
Vacancy
4.10%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,202,640
Cap Rate 7%
$859,029
Cap Rate 9%
$668,133
Alternative Uses
Best Use
Retail
$859.0K
$751.7K – $1.00M
NOI $60,132 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,110 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,247
Businesses Nearby
90k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 38%
Dining 34%
Shops & Services 25%
Groceries 3%
Wendy's
Dining
9,775 visits/mo
0.4 miles
SpringHill Suites Virginia Beach Oceanfront
Hotels & Casinos
7,799 visits/mo
0.5 miles
7-Eleven
Shops & Services
7,564 visits/mo
0.1 miles
Baja Fresh
Dining
7,134 visits/mo
0.5 miles
Moxy Hotels
Hotels & Casinos
6,821 visits/mo
0.3 miles
Demographics for 23451, VA
44,879
Population
24,897
Households
1.8
Avg Household Size
41
Median Age
57%
College-Educated
97%
High-School Grad
19.8 sq mi
ZIP Area
2,267
Density / Sq Mi
$97,945
Median Household Income
$57,472
Median Earnings
$1,697
Median Rent
$591,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Standalone two-story retail building offers flexible open floor plans with updated interior renovations.
Where is this retail space located?
The property is located at 223 17th St Virginia Beach, VA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Standalone two‑story commercial building with 5,742± RSF total building area; Open, flexible floor plan with efficient ±2,807 RSF floor plates; Recent interior renovations
